Commodities Market Outlook – November 28, 2025

The global commodities landscape continues to remain volatile as macroeconomic signals clash with demand-supply dynamics. Precious metals are attempting a cautious rebound, crude oil stays range-bound, and industrial metals remain directionless amid weak manufacturing cues.

Let’s break down the key trends driving today’s market mood

Crude Oil: Trying to Find Direction

Crude prices continue to hover in a narrow band as traders navigate conflicting fundamentals:

What’s driving crude today?

Geopolitical uncertainty continues to cap downside

Muted global demand and rising inventories restrict rallies

Dollar strength makes crude expensive for non-US buyers

Market sentiment: Neutral to slightly cautious. Refiners remain watchful of freight rates and OPEC commentary in early December.

Takeaway: Oil lacks a strong catalyst. Expect sideways movement until macro triggers or supply disruptions surface.

Gold and Silver: Safe-Haven Demand Returns

After a recent corrective phase, precious metals are back in focus.

Why are metals stabilizing?

Investors are positioning ahead of central bank policy cues

Dollar moderation has provided breathing space

Bond yields easing improves gold’s risk-adjusted appeal

Gold is showing signs of bottom-formation, while Silver remains relatively more volatile, supported by industrial demand pockets.

Takeaway: Metals are regaining attention as hedges against uncertainty, but rallies still lack conviction.

Base Metals: Mixed Bag

Copper, Aluminium, and other industrial metals are struggling for trend clarity.

Reason:

• Manufacturing PMI softness across multiple economies

• Chinese demand recovery remains uneven

• Inventories in LME warehouses are fluctuating without clear direction

Takeaway: Without fresh infrastructure spending or stimulus from China, base metals may continue to drift.

Soft Commodities: Quiet and Range-Bound

Agricultural and soft commodities like coffee, cocoa, and cotton are subdued.

What’s weighing on them?

Demand forecasts are being re-calibrated

Shipping and logistics costs remain unpredictable

Weather patterns are stable for now

Takeaway: No breakout narrative here — traders are in observation mode.

Overall Market Mood

Today’s commodities session can be described in three words:

• Cautious. Selective. Uncertain.

• Crude is waiting for a catalyst

• Gold & Silver are protected by safe-haven flows

• Base metals are data-dependent

• Soft commodities are balanced

  
  

What Should Investors Track This Week?

Keep an eye on:

• US Dollar Index movement

• OPEC output commentary

• Global PMI numbers

• Policy tone from central banks

• Bond yield trajectory

These will determine whether commodities consolidate or start trending again.

Final Word

The commodities market is no longer moving on momentum — it’s moving on macro signals. In such an environment, clarity matters more than aggression. Whether you’re an investor, trader, or risk manager, the next few sessions demand discipline, not heroism.